It is not immediately clear how the company is going to utilise the funds. An e-mail sent to Manthan's founder and CEO Atul Jalan did not elicit any response till the time of publishing this article.

Founded in 2004, Manthan's analytics solutions combine advanced predictive analytics, actionable insights and customer knowledge to help retailers identify and drive growth opportunities. The firm claims that it has served over 120 retail and CPG clients across 19 countries. Manthan counts among its clients companies including Love's, Teavana, Crocs, Ecco, Ipsos, Novartis, McDonald's, Ripley, SM Group, Robinsons and NTUC Fairprice.

With headquarters in Bangalore, the firm also has offices in the US, the UK, the Philippines, Singapore and Brazil.

The Indian Big Data space has seen a lot of action, of late. Recently, Mumbai-based pure-play analytics provider Fractal Analytics raised an undisclosed amount in funding from Canadian loyalty management firm Aimia. India- and US-based Mu Sigma Inc., one of the leading Big Data analytics companies in the world, is in talks with a group of investors to raise upwards of $200 million in fresh funding, which could value the company more than Flipkart.

Recently, Techcircle.in reported that The Hive India, a Big Data-focused early-stage fund floated by Amit and Arihant Patni—the sons of one of the co-founders of Patni Computer Systems -- is close to investing in an IoT-enabled Big Data startup based out of Pune.